15.4 C
Cairo
February 1, 2023
Egypt Bulletin
Business

2 GW renewable energy agreement between Masdar and TANESCO

A joint development agreement between Masdar and Tanzania Electric Supply Company Ltd. (TANESCO) has been signed regarding the development of renewable energy projects up to 2 gigawatts (GW). The signing was attended by Hon. January Makamba, Minister for Energy for Tanzania, and the Joint Development Agreement (JDA) was signed by Abdulla Zayed, Head of Business Development & Investment at Masdar, and Maharage Chande, Managing Director of TANESCO, on the sidelines of the Tanzania Energy Congress.

2 GW renewable energy agreement between Masdar and TANESCOAs part of the JDA, the two organizations will establish a co-owned joint venture company (JV). The two companies intend to develop solar photovoltaic (PV) and onshore wind projects within the JV with a capacity of about 600 megawatts (MW). The JV will explore the development of at least 2,000 megawatts worth of projects. For Tanzania’s growing energy demand and to increase energy access, TANESCO, the country’s sole electricity provider, is looking to add more renewable energy sources to the national grid. By 2035, the Tanzanian government aims to electrify 75 percent of the country.

Related posts

World food prices drop for July, but supply worries persist – FAO

Pakistani rupee hits historic all time low of 200 against the US dollar

Saudi wealth fund PIF purchases Alphabet, Zoom, and Microsoft shares

Indian exports surged to $569 billion from April to December 2022

Inflation in Pakistan surges to 21.32% in June, its highest level since 2005

Aldar reports AED2.33 billion in net profit in 2021, an increase of 21 percent